Archer Daniels Midland is to pay US$54m to settle cases of bribery at a subsidiary in Ukraine.
The agri-giant said it had struck a deal with the US Department of Justice and the US Securities and Exchange Commission.
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Chairman and CEO Patricia Woertz said: “In 2008, soon after we became aware of some questionable transactions by a non-US subsidiary, we engaged an outside law firm and an accounting firm to undertake a comprehensive internal investigation. In early 2009, we voluntarily disclosed the matter to appropriate US and foreign government agencies and undertook a comprehensive anti-corruption global risk analysis and compliance assessment. We have also implemented internal-control enhancements, and taken disciplinary action, including termination, with a number of employees.
“The conduct that led to this settlement was regrettable, but I believe we handled our response in the right way, and that the steps we took, including self-reporting, underscore our commitment to conducting business ethically and responsibly.”
